California mortgage manager Brandon Moss remembers the "scary time" when the industry fell to its knees during the 2008 financial crisis.
Even so, Moss said he always knew the residential real estate and mortgage sector would bounce back from the colossal bust, so he stayed in the business and has no regrets. These days the home values in many Southern California markets have increased above the precrisis peak, and lending activity remains vibrant.
"Once you get through these cycles, you know what it's like the next time around if something happens," Moss said.
The 39-year-old Moss joined Fairway Independent Mortgage last year as greater LA area manager and a loan officer based in Calabasas. Fairway funded more than $21 billion in U.S. mortgages in 2017.
Moss started in the mortgage business out of college in 2003, following in the footsteps of his father. He quickly rose through the ranks and would go on to hold senior positions at several independent mortgage companies and two banks.
In 2003, the real estate business was red hot in Southern California and jobs in the industry were considered well-paying. From the mid-1990s until the downturn hit in 2007, home values in key California markets had more than tripled.
"My dad said it's a great business so you should get involved," recalled Moss. "I went into the mortgage business and started as an assistant and quickly became an originator and built my business up very quickly at that time."